FloodFlash in February: our latest tips, news, and updates

Authored by FloodFlash

February is for romance so it makes sense that we’ve renewed our commitment to brokers this month. Trips the length and breadth of the country, including our quarterly sales meet in Dallas, have kept the FloodFlash US team busy, while our UK team have been busy dealing with claims from recent flooding. But that’s not all we’ve been up to, take a look below for our month in review.

Knowledge nuggets

This month, we shared several articles that aim to give you a better understanding of some of the risks facing your clients and how FloodFlash can help with hard-to-place flood risks.

First, we delved into why we chose our smart sensor to power our parametric insurance. Anyone who knows anything about FloodFlash will know that our sensor is the key to our rapid claims and affordable premiums. But why did we opt for our Internet-of-Things sensor over existing parametric technologies like satellites or gauges? The answer is simple – our sensors are low-cost, send us depth data in near real-time, and measure flooding at the client’s property, reducing basis risk. You can find out more here. 

Next, we shared a primer on Severe Convective Storms, which represent one of the biggest threats in terms of catastrophic weather. Take a look to learn why it’s not just the colder states in the North-West that need to pay attention to this growing risk.

Finally, we shared a case on multi-location retail business in the UK. 

Out and about

Our US team was in Dallas for their quarterly sales conference. The trip was a huge success, with plenty of great meetings with brokers, agents and clients, as well as exploring what Texas had to offer beyond insurance!

Meanwhile in the UK, Broker Distribution Manager Joe Patton was at the Bravo Networks Conference in Birmingham. From meeting new and existing brokers to inputting quotes live at the stand, it was a fantastic event. If your business is hosting a similar event, get in touch at brokers@floodflash.com. Remember you can find our full schedule of UK events here.

In the news:

With the UK seeing one of its wettest February’s ever and many US states facing heavy rain, here’s some of the news highlights from the last month:

• California saw heavy rain, flooding and tornadoes, as a second ‘Pineapple Express’ weather system brought a 1-in-1000 year rainfall event this month that is estimated to have caused up to $10bn in damage (learn about atmospheric rivers in this Forbes article)
• FloodFlash US Commercial Director Rich Coyle interviewed by Risk & Insurance
• Artemis revealed that MunichRe (FloodFlash capacity partners) have launched their global parametric risk transfer business unit to target growth
• Aon’s 2023 Catastrophe Insights report reported a global protection gap of 69%, and predict demand for parametric solutions will increase to address this gap
• Munich Re have launched their global parametric risk transfer business unit
• The insurtech market is set to continue to grow, with a recent report predicting an increase to $336.5bn by 2032, from $16.6bn in 2023